Bill Gates to give away fortune by 2045, $200b for world's poorest
LONDON: Bill Gates pledged on Thursday to give away almost his entire personal wealth in the next two decades and said the world's poorest would receive some $200 billion via his foundation at a time when governments worldwide are slashing international aid.
The 69-year-old billionaire Microsoft co-founder and philanthropist said he was speeding up plans to divest his fortune and close the Gates Foundation on Dec. 31, 2045.
'People will say a lot of things about me when I die, but I am determined that 'he died rich' will not be one of them,' Gates wrote in a post on his website.
'There are too many urgent problems to solve for me to hold onto resources that could be used to help people.'
In an implicit rebuke to President Donald Trump's slashing of aid from the world's biggest donor the United States, Gates' statement said he wanted to help stop newborn babies, children and mothers dying of preventable causes, end diseases like polio, malaria and measles, and reduce poverty.
'It's unclear whether the world's richest countries will continue to stand up for its poorest people,' he added, noting cuts from major donors also including the U.K. and France.
Gates said that despite the foundation's deep pockets, progress would not be possible without government support.
He praised the response to aid cuts in Africa, where some governments have reallocated budgets, but said that as an example polio would not be eradicated without U.S. funding.
Gates made the announcement on the foundation's 25th anniversary. He set up the organization with his then-wife Melinda French Gates in 2000, and they were later joined by investor Warren Buffett.
'I have come a long way since I was just a kid starting a software company with my friend from middle school,' he said.
FOUNDATION HAS GIVEN $100 BLN
Since inception, the foundation has given away $100 billion, helping to save millions of lives and backing initiatives like the vaccine group Gavi and the Global Fund to Fight AIDS, Tuberculosis and Malaria.
It will close after it spends around 99% of his personal fortune, Gates said. The founders originally expected the foundation to wrap up in the decades after their deaths.
Gates, who is valued at around $108 billion today, expects the foundation to spend around $200 billion by 2045, with the final figure dependent on markets and inflation.
The foundation is already a huge player in global health, with an annual budget that will reach $9 billion by 2026.
It has faced criticism for its outsize power and influence in the field without the requisite accountability, including at the World Health Organization.
Gates himself was also subject to conspiracy theories, particularly during the COVID-19 pandemic.
Gates has also spoken to U.S. President Donald Trump several times in recent months on the importance of continued investment in global health.
'I hope other wealthy people consider how much they can accelerate progress for the world's poorest if they increased the pace and scale of their giving, because it is such a profoundly impactful way to give back to society,' Gates wrote.
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